First Time Home Buyer Requirements 2013

FHA loans have been helping people become homeowners since 1934. A perfect credit score is not needed for an FHA loan
approval. In fact, even if you have had credit problems, such as a
bankruptcy, it's easier for you to get an FHA loan than a conventional loan.

FHA
purchase allows a home
buyer to make a down payment of 3.50% and a seller contribution of up to
6% for closing costs
with only a 580 credit score. First time home buyer mortgage require a
minimum credit score of 580 to put down 3.50% of the purchase price and a
seller
concession of up to 6% to pay for closing cost.

Lease with option to buy mortgage. Lease
with option to buy allows a renter to buy the property they are renting.
A lease option mortgage allows for sellers credit. No money down
mortgage option.

FHA 203k mortgage loan. Rehab a Home with a
HUD 203k Rehab Program. The FHA 203k program makes it easy for borrowers
to purchase and remodel a property, and for current homeowners rehab
your home with one loan.

Gift of equity mortgage loan. A gift
of equity is a transfer of ownership of a property to a family member or
someone. Gift of equity down payment and gift funds requirements.

FHA down payment. FHA requires a minimum down payment of 3.50% of the
purchase price. The funds may be the borrower's own funds, a gift from a
family member, rent credit or borrowed.

FHA closing cost. FHA
regulates some of the closing costs associated with a FHA loan. FHA
allows the seller to pay up to 6% of the sales price for closing cost.

FHA credit. On January 20, 2010 FHA announced a set of policy changes
to strengthen the FHA. The changes announced are the latest in a series
of changes enacted in order to better position the FHA to manage its
risk while continuing to support the nation’s housing market recovery.

30 year fixed rate mortgage. One of the most popular types of mortgages
is the 30-year fixed-rate mortgage. This loan is usually the easiest to
qualify for and provides the maximum interest deduction at tax time.
The interest rate stays the same over the life of the loan which
provides unchanging low monthly payments.

Mortgage World Home Loans of New Jersey, LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration.
Nationwide Mortgage Licensing System ID 1214053
All loans arranged with third-party providers
New Jersey Residential Mortgage Broker
Florida License Number - MBR 1608
2191 Jones Road
Fort Lee, NJ 07024
888.958.5382